I am almost 40 and still in debt. I had a business that went quite badly and I am left with 100k to clear. I can't get a well paying job due to lack of qualifications. Where I can go for some help? - Seedly
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Anonymous

Asked on 12 Nov 2018

I am almost 40 and still in debt. I had a business that went quite badly and I am left with 100k to clear. I can't get a well paying job due to lack of qualifications. Where I can go for some help?

I do have a business that is doing very minimally but it's just enough to feed me. I would like a house and some freedom from this as I've been struggling a long time and not from laziness or lack of trying..

At my age, do you feel it's too late for me to build some real wealth in life?

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Tiffany SQ
Tiffany SQ
Level 4. Prodigy
Updated on 07 Jun 2019

Hey there.. totally understand ur frustration.. I reckon u still can bounce back up.. but it takes discipline and determination.. I am gonna write a few pointers and hope it helps:

1) Clearing Debt

You can try visiting debt management programme to see how can they help u out.. to know what r some of the options u can look into to slowly clear ur debt.. an example of such site will be https://www.ccs.org.sg

2) Knowing what is your strength and skill set

Not all jobs require high qualification.. sit and and draft out what kind of skills set u have.. e.g. driving, design, sales, etc.. from there explore the possible jobs opportunities u have.. for example if u have a driving licence and is gd in sales.. U may want to drive Grab and do a sales job at the same time to generate your income

3) You Current Biz

Let be pratical.. not all biz r profitable.. U need to measure the time and effort spend on it vs the earnings u will get.. if the biz is only paying u 1.5k per month.. driving full time may let u be better off than that.

4) Consolidating everything

Once u have map out all the possible income u can get, start taking action and slowly clear off your debts.. it may take a few years but at least u r doing smt about it..

Hope this helps alittle.. U may also talk to the bank to see how they can help u to refinance ur debts or get a better interest rate too..

All the best šŸ˜„

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Question Poster

19 Nov 2018

Hi there, thanks for your advice and encouragement. Things are tough now, good to have someone who heard me out
Tiffany SQ
Tiffany SQ

19 Nov 2018

Hey there.. no prob! Hope things will get better for u.. life still have to move on.. but is only u who can be in control to change ur current situation šŸ˜„ all the best!
MT2020
MT2020
Level 7. Grand Master
Answered on 06 Mar 2020

Its never too late to take control of your finances and start building wealth. First things first, you should make sure you can clear your debt. Since you already have a business, you should consider taking a side job such as doing grab to help you to clear your debts. Once you are free from debt, you should then start building up your savings and emergency fund. After that then you will have the foundation to start investing.

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